Are you in need of a home equity loan, but you cannot prove your income or employment? Do you need a refinance, but are self employed, an independent contractor, or a tipped employee? These are all situations that are hard to prove your actual income in. Here is how to get no proof home equity loans the easy way.
Every single mortgage company that is not a traditional bank or federal credit union has a no proof program. This is usually called a stated income program and this program allows you to get a refinance mortgage, second mortgage, or home equity loan without having any proof of your income.
Basically you will be able to write down what you make on a monthly or yearly basis, sign it, and that is your income document. This will allow you to say what you actually make and use that as your income to qualify for your home equity loan.
You probably will not get as low of a rate as you would if you were able to prove your income, but you will be able to get your loan. You should still be able to get a very competitive rate and should not have to pay any more fees than normal, but your rate will be a bit higher because without proof of your income you will be considered a little more of a risk.
You can get no proof home equity loans from any non conventional lender. Just ask them about their stated income program and they will be able to help you figure out how to qualify for the much needed loan that you are after.
No Doc Equity Loan with No Income Verification/